IdentityMind Granted Patent for Digital Identities

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IdentityMind’s patented core technology eDNA™ powers the creation of trusted digital identities to service the FinTech industry with real time fraud prevention and automation of regulatory anti money laundering compliance

eDNA is the answer to who’s on the other side of transaction. It provides a view into that entity and their risk. And it gives companies the opportunity to get a leg up on the fraudsters who are becoming more and more prevalent online.

Palo Alto, California (PRWEB)November 17, 2016

IdentityMind Global, today announced that it was granted a patent for Electronic DNA™ (eDNA™) its core technology for creating trusted digital identities. eDNA helps companies understand who is behind each transaction and helps them better assess the risk of each transaction.

eDNA is the core technology that powers the IdentityMind platform. eDNA creates trusted digital identities that are comprised of a rich set of over 50 attributes including: user information, devices, account information, payments, IP geolocation and more. The combination of attributes, their correlations, the context in which they are used, and the results of applying this analysis on transactions helps eDNA produce a reputation score that allows companies to better set their risk thresholds and react to each entity they work with. While some solutions collect a thin set of attributes without particular context, eDNA’s rich description can accurately assess whether the user behind a transaction is the right and good user, a fraudster, or a money launderer.

“Identity is critical to digital financial services today,” said Travis Jarae from Google. “However, cyberthreats and identity fraud are the headwinds that decrease access while increasing risk. Technologies that provide identity verification are essential to decreasing these issues and opening the doors to financial services.”

“We are very proud of our invention and are excited that our customers can use it to improve their online businesses,” said Kieran Sherlock, IdentityMind Global’s CTO. “eDNA is the answer to who’s on the other side of transaction. It provides a view into that entity and their risk. And, it gives companies the opportunity to get a leg up on the fraudsters who are becoming more and more prevalent online.”

The results of applying eDNA technology in this market speak for themselves:

60% fraud reduction in CNP transactions

85% manual review reduction

90% reduction in fraudulent account opening

85% reduction in time for reviewing sanctions and PEP screening results